Automotive parts aftermarket market size in US to grow by USD 30.83 billion between 2022 and 2027; 3M Co., Adient Plc, among others, identified as key vendors

NEW YORK, April 10, 2023 /PRNewswire/ — The size of the automotive parts aftermarket market in US is set to grow by USD 30.83 billion between 2022 and 2027, progressing at a CAGR of 7.69% during the forecast period, according to Technavio Research. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. For more insights on CAGR and YOY growth rate, Download a Sample Report

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 3M Co., Adient Plc, Aisin Corp., American Axle and Manufacturing Holdings Inc., Aptiv Plc, DENSO Corp., FlexNGate Group of Companies, Lear Corp., Magna International Inc., NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Stellantis NV, Tenneco Inc., Valeo SA, Yazaki Corp., and ZF Friedrichshafen AG are some of the major market participants.

The advantages of original equipment replacement parts, the growing average age of vehicles in the US, the growing passion for vehicle customization, and the growth in the number of vendors will offer immense growth opportunities. However, the adoption of 3D printing in the manufacturing industry is likely to pose a challenge for market vendors. In a bid to help players strengthen their market foothold, this report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Frequently Asked Questions:

• Based on segmentation by type, which is the leading segment in the market?
  The passenger vehicle segment will lead to the growth of the market.

• What are the major trends in the market?
  The growing availability of automotive aftermarket parts on e-commerce platforms is identified as the key trend in the market.

• At what rate is the market projected to grow?
  The market is projected to grow at a CAGR of 7.69% during the forecast period.

• Who are the top players in the market?
  3M Co., Adient Plc, Aisin Corp., American Axle and Manufacturing Holdings Inc., Aptiv Plc, DENSO Corp., FlexNGate Group of Companies, Lear Corp., Magna International Inc., NGK SPARK PLUG Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Stellantis NV, Tenneco Inc., Valeo SA, Yazaki Corp., and ZF Friedrichshafen AG are the top players in the market.

• What are the key market drivers and challenges?
  The market is driven by the advantages of original equipment replacement parts. However, the adoption of 3D printing in the manufacturing industry will challenge the growth of the market.

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Automotive Parts Aftermarket Market in US 2023-2027: Segmentation

The market growth in the passenger vehicle segment will be significant during the forecast period. The investments in R&D of vehicles and testing, compliance with standards, or standardization have increased over the years. This has increased the product lifecycle of passenger vehicles, which has also increased the time span of vehicles among consumers. In addition, the increasing sales volume of plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs) in the US will positively influence the growth of the segment.

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Automotive Parts Aftermarket Market in US 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis and summation of data from multiple sources. The report covers the following areas:

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Automotive Parts Aftermarket Market in US 2023-2027: Vendor Analysis and Scope

The automotive parts aftermarket market in the US is fragmented, with the presence of many well-established vendors. Automakers are making significant investments in R&D to offer better products to their customers and expand their customer base. Vendors in the market are opting for mergers, acquisitions, and strategic partnerships to strengthen their position. The market landscape is expected to remain competitive, as market growth will slow down during the forecast period. Some of the key vendors covered in the report include:

• Aisin Corp. – The company offers automotive parts such as cooling, engine, drivetrain, body, electronics, and chemical equipment.

• American Axle and Manufacturing Holdings Inc. – The company offers automotive parts such as axle and driveshaft components.

• Aptiv Plc – The company offers automotive parts such as high voltage systems, data connectivity, electrical centers, and safety-critical connectors.

• DENSO Corp. – The company offers automotive parts such as oil filters, wiper blades, cabin air filters, air filter elements, and spark plugs.

• 3M Co.

• FlexNGate Group of Companies

• Lear Corp.

• Magna international inc.

• NGK SPARK PLUG Co. Ltd.

• Panasonic Holdings Corp.

• Pioneer Corp.

• Robert Bosch GmbH

• Samsung Electronics Co. Ltd.

• Schaeffler AG

• Stellantis NV

Automotive Parts Aftermarket Market in US 2023-2027: Drivers

The growth of the market is driven by the advantages of original equipment replacement parts. The use of fake, unauthorized, or duplicate parts in aftermarket automobiles further increases the damage to the vehicle. This is because such parts or components not only fail to match the performance of the original and genuine parts but can also affect the performance of the vehicle as well. Original equipment parts generally come with a warranty and adhere to quality standards and specifications. This increases buyer confidence and acts as a market enabler.

Automotive Parts Aftermarket Market in US 2023-2027: Challenge

The adoption of 3D printing in the manufacturing industry is identified as the major challenge in the market. Automobile spare parts manufacturers are moving toward on-demand manufacturing to reduce packaging and inventory management costs. They are adopting 3D printing to achieve same-day production and shipments, instead of producing spare parts in bulk and storing them in inventory. This saves time and labor costs for spare parts manufacturers. However, this is expected to reduce the need for automotive parts, which, in turn, will negatively impact the growth of the market during the forecast period.

Automotive Parts Aftermarket Market in US 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist the automotive parts aftermarket market growth in the US over the next five years

• Estimation of the automotive parts aftermarket market size in the US and their contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the automotive parts aftermarket market across the US

• Analysis of the market’s competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of automotive parts aftermarket market vendors in the US

Related Reports:

• the automotive aftermarket market is estimated to grow at a CAGR of 6.26% between 2022 and 2027. The size of the market is forecasted to increase by USD 164.58 billion. The market is segmented by vehicle type (passenger cars and commercial vehicles), distribution channel (retailer, wholesaler, and distribution), and geography (APAC, europe, North America, South Americaand Middle East and Africa).

• the automotive brake components aftermarket market is estimated to grow at a CAGR of 3.2% between 2022 and 2027. The size of the market is forecasted to increase by USD 14.07 billion. The market is segmented by product (brake pads, brake shoes, brake calipers, and others), vehicle type (passenger cars and commercial vehicles), and geography (APAC, europe, North America, Middle East and Africaand South America).

Browse through Technavio’s Consumer Discretionary Markets Reports

Table of contents:

1 Executive Summary

2 Market Landscapes

3 Market Sizing

4 Historical Market Sizes

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Distribution Channel

8 Customer Landscapes

9 Drivers, Challenges, and Trends

10 Landscape Vendors

11 Vendor Analysis

12 Appendices

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